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Facebook (FB) impressed investors after market hours on Wednesday. The social network, which went public last year, posted fourth quarter revenues of $1.59 billion compared to $1.53 billion in the same period last year. Net income per share beat Wall Street estimates by two cents per share to $0.17.

The aftermarket in the stock shows investors taking profit on the heels of the release. Facebook shares were down as much as 6 percent then began trimming that loss shortly after the earnings report.

There were some positive surprises.

Mobile was around 23 percent of Facebook's advertising revenue of $1.33 billion. For the first time in the company's history, mobile users surpassed that of web based users. Earnings per share beat the Street by two cents per share.

The stock is up over 30 percent in the last three months.

For fiscal year 2012, Facebook raked in a total $5.089 billion in top line growth compared to $3.7 billion in 2011 revenue. The company ended the year with $9.6 billion in cash.

Net income for the fourth quarter was $64 million, compared to net income of $302 million for the fourth quarter of 2011. Earnings per share for the fourth quarter was $0.03, compared to $0.14 for the same quarter in the prior year.

Speaking on CNBC's Fast Money Wednesday afternoon, Business Insider founder Henry Blodget said he believed Facebook was over priced. "Long-term I'm still worried about the valuation on this one." He noted that Facebook took its 50 percent operating margin down to about 40 percent. But warned that whenever revenue growth decelerates, price to earnings multiples will compress quickly and FB's share price will fall as a result.

"There's a scenario where you could have the stock have a very nice run, but then the multiple starts to compress at the end of the year," he said on CNBC today.